Tags |
|
|
Links |
|
|
Add You - IRS Offer-in-Compromise, Don't Get Ripped Off!
Consolidating debt through an unsecured loan is one of the main purposes of unsecured loans. Especially for tenants and in general non-homeowners, eliminating debt by means of an unsecured loan is the most common way of doing it. As debt keeps growing, bills keep pilling up; a solution to this financial menace needs to be found without delay. Default and Bankruptcy are not an uncommon result of financial troubles and their consequences are dreadful. It is ver
The main items that often sink an Offer when someone does qualify based on income and expenses are assets such as IRAs, 401Ks and home equity. If you owe the IRS 25K but you have an IRA worth 50K and home equity of 50K, forget about an OIC. There would have to be a horrible circumstan
There are many thousands of people out there just waiting to hear about your product or service……..but how do you reach them?The most effective way is Article Distribution…….and what’s more it’s FREE.So how do you find the best article distribution sites?Just go onto to good old Google, key in Article Distribution or similar key words, and you will be overwhelmed by the number of sites out there.But which are the best ones?It ca
The Offer-in-Compromise (OIC) has been around for a long time, but it wasn't until 1992 that IRS started really using the program in good faith. After the Revenue Reform Act of 1998, IRS became even more liberal with the OIC. At one point almost half of all Offers were being accepted. Unfortunately, in 2002, the IRS started getting tough on Offers and now only about 20% of all Offers are accepted. The main reason for the decline was the centralization of Offers at two IRS locations instead of them being worked locally at the district offices.
An Offer can be made for "Doubt as to Liability" or "Doubt as to Collectability." Submitting a proper OIC is more than just filling out an IRS Form 656. A good offer must have 3 recent months of supporting documentation attached with the Form 656 (if the OIC is for doubt as to collectability). Failure to fill out the Form 656 properly, failure to include all liabilities, or failure to provide the documentation required results in an Offer that is dead on arrival. Even if the forms are complete and the data provided; the Offer is now just "processable" and 6-9 months may go by before a decision is reached on the merits of the OIC.
Unscrupulous Offer Promoters often don't qualify people for the Offer, they just sell them a bill of goods. Folks can pay thousands of dollars and not have a chance at an OIC to begin with! Many of the so called "tax resolution" companies that you see on the internet or on TV have salesmen who call themselves "Tax Consultants." They may take your financials over the phone but they are not the ones who will be doing the actual work. It may be contracted out to a third party. If the owner of the company is not a licensed professional, what does he have to lose if you don't get serviced? Don't do business with anybody that is not a CPA, Enrolled Agent, or Attorney. If the matter is Doubt as to Liability, no financial is required, but there needs to be a solid basis for the claim in law and policy.
The main items that often sink an Offer when someone does qualify based on income and expenses are assets such as IRAs, 401Ks and home equity. If you owe the IRS 25K but you have an IRA worth 50K and home equity of 50K, forget about an OIC. There would have to be a horrible circumstanc
Whatever the size or interest of your business, setting yourself apart in the public eye (aka gaining publicity) can give your products or service a professional image or even increase sales. In fact, there’s a strong argument to be made that publicity should be one of your first concerns.But how does a home-based business with limited resources set itself out from the competition? Ads can be expensive and unless you’re willing to see it through th
An Offer can be made for "Doubt as to Liability" or "Doubt as to Collectability." Submitting a proper OIC is more than just filling out an IRS Form 656. A good offer must have 3 recent months of supporting documentation attached with the Form 656 (if the OIC is for doubt as to collectability). Failure to fill out the Form 656 properly, failure to include all liabilities, or failure to provide the documentation required results in an Offer that is dead on arrival. Even if the forms are complete and the data provided; the Offer is now just "processable" and 6-9 months may go by before a decision is reached on the merits of the OIC.
Unscrupulous Offer Promoters often don't qualify people for the Offer, they just sell them a bill of goods. Folks can pay thousands of dollars and not have a chance at an OIC to begin with! Many of the so called "tax resolution" companies that you see on the internet or on TV have salesmen who call themselves "Tax Consultants." They may take your financials over the phone but they are not the ones who will be doing the actual work. It may be contracted out to a third party. If the owner of the company is not a licensed professional, what does he have to lose if you don't get serviced? Don't do business with anybody that is not a CPA, Enrolled Agent, or Attorney. If the matter is Doubt as to Liability, no financial is required, but there needs to be a solid basis for the claim in law and policy.
The main items that often sink an Offer when someone does qualify based on income and expenses are assets such as IRAs, 401Ks and home equity. If you owe the IRS 25K but you have an IRA worth 50K and home equity of 50K, forget about an OIC. There would have to be a horrible circumstan
What is $20 for shipping when you are going to profit a couple hundred bucks on something…. Right? I used this process and obtained a lot of scuba gear for almost nothing and then put it on ebay and sold it. Believe it or not, I was pretty good as guessing what it would sell for on Ebay because I already knew what it was worth. Over the next month I had made a ton of money using this process. Every day I had taken about an hour to look through a few local pap
Unscrupulous Offer Promoters often don't qualify people for the Offer, they just sell them a bill of goods. Folks can pay thousands of dollars and not have a chance at an OIC to begin with! Many of the so called "tax resolution" companies that you see on the internet or on TV have salesmen who call themselves "Tax Consultants." They may take your financials over the phone but they are not the ones who will be doing the actual work. It may be contracted out to a third party. If the owner of the company is not a licensed professional, what does he have to lose if you don't get serviced? Don't do business with anybody that is not a CPA, Enrolled Agent, or Attorney. If the matter is Doubt as to Liability, no financial is required, but there needs to be a solid basis for the claim in law and policy.
The main items that often sink an Offer when someone does qualify based on income and expenses are assets such as IRAs, 401Ks and home equity. If you owe the IRS 25K but you have an IRA worth 50K and home equity of 50K, forget about an OIC. There would have to be a horrible circumstan
“Brand Reputation Optimization” (BRO for the acronym lovers!) is a concept I have been thinking a lot about and terminology I decided to coin. Brand Reputation Optimization refers to how an organization best positions its brand for long-term sustainability and success. Success in this case refers both to the bottom line and to applying socially responsible business practices sometime referred to as corporate social responsibility. Since the web is now the preferr
The main items that often sink an Offer when someone does qualify based on income and expenses are assets such as IRAs, 401Ks and home equity. If you owe the IRS 25K but you have an IRA worth 50K and home equity of 50K, forget about an OIC. There would have to be a horrible circumstan
Good credit is everyone's dream. A wise use of credit can go a long way. It certainly makes certain goals in life (like acquiring business loan from bank) easily attainable.But the key question remains: "What does it take to achieve 'Triple A' credit?"First and foremost, it is important it is critical to point out where most people go wrong when it comes to their credit and credit report.People with bad credit will usually seek credit repair
The main items that often sink an Offer when someone does qualify based on income and expenses are assets such as IRAs, 401Ks and home equity. If you owe the IRS 25K but you have an IRA worth 50K and home equity of 50K, forget about an OIC. There would have to be a horrible circumstance in your life to get past the equity in assets. In very rare cases of health or old age, exceptions can be made. Just because you can't pay your bills on time doesn't make you an Offer candidate. You must not be able to full pay based on income and expenses plus the "quick sale" value of your assets. Only then is a Doubt at to Collectability Offer an option.
If you qualify, you really can settle for "pennies on the dollar," but it might be 90% of your debt based on the math. To settle for $500 you would have to be broke with no assets at all and no prospects for near term improvement of your financial situation. Recent changes to the law on Offers also now require a non-refundable down-payment with the OIC. You can get the forms you need for an Offer from the IRS for free. If you don't want to do it yourself, see a CPA, Tax Attorney, or Enrolled Agent that has IRS Representation experience. They can go over all of your options.
You can learn more about Offers at these websites:
www.irs.gov
www.aicpa.org
www.naea.org
www.nsacct.org
www.etaxes.com
www.exirsman.com
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.addyou.info/article/119647/addyou-IRS-OfferinCompromise-Dont-Get-Ripped-Off.html">IRS Offer-in-Compromise, Don't Get Ripped Off!</a>
BB link (for phorums):
[url=http://www.addyou.info/article/119647/addyou-IRS-OfferinCompromise-Dont-Get-Ripped-Off.html]IRS Offer-in-Compromise, Don't Get Ripped Off![/url]
Related Articles:
What Matters Most - Communication with Employees Is Key to a Successful M&A
Future Of Six Sigma -- Different Viewpoints
Keeping Pace with Business Marketing
Bookmark it:
|